In the previous chapter, we explained in detail how you could buy Bitcoins with PayPal, so now we are going to elaborate on cash transactions and their characteristics. First, we need to point out, that there is the risk of fraud if you decide to buy Bitcoins with cash. Nevertheless, if you are willing to take that risk, then buying Bitcoins with cash is pretty straightforward, private and fast.
Some of the exchanges listed below will be helpful in the process of buying Bitcoins with cash, but they do have disadvantages. The transaction fees are higher, as is the price of the Bitcoin itself, and it’s hard to buy larger amounts of cryptocurrencies with cash.
- LocalBitcoins – Will connect you to the seller in your area. You can meet in-person and m the traperfornsaction, or you can pay them with a cash deposit.
- strongBitQuick – Is available in the U.S. It was designed with the purpose to connect sellers and buyers that only want to do transactions with cash.
- strongBitcoin ATM – ATM to exchange bitcoins.
- strongBitit – It’s a bit complicated for beginners because you don’t buy the Bitcoins directly with cash, but rather with vouchers like Flexepin or Neosurf.
Buying Bitcoins with PayPal or with cash deposits tends to be more complicated and risky than using a verified Bitcoin exchange.Sign up for Blockbid trading platform and be the first to be notified when new currencies go live.SIGN UP
Buying Bitcoins: Cash v.s. Bitcoin exchange
The debate between buying Bitcoins with cash v.s. on a Bitcoin exchange comes down to the questions of safety and anonymity, depending on what you want to accomplish. When you use cash as a payment method, your identity is not disclosed, but the risk of fraud is much higher.
When you use a virtual exchange, you are a lot safer in the process of trading because of the internal rules of the platform. There are additional points, like the timeframe and the purchased amount. Cash purchases are faster, but they are amount limited. On the other hand, buying Bitcoins on a cryptocurrency exchange will allow you to purchase more Bitcoins, but the process will be slower.
You can buy Bitcoins with PayPal, cash, credit cards or through ATMs — it’s up to you. However, you should always consider the legal framework of the country.